Quote: "This sounds very bad but I'm not knowledgeable enough to evaluate how accurate it is.".
Erps, To understand the implications of printing all this money to bail out banks and now buy up toxic assets you might want to read some of the articles on this site. It is pretty hard to imagine the US dollar surviving this intact (especially as countries abandon it as the reserve currency). I also can't see how this won't lead to hyper inflation as it did in Weimar Germany.
Here is the link. Go back over some of the older posts on the link about the dollar, inflation and the role of the Fed in all this:
Market Skeptics